Suitors Eye Soy Trader as Judges Open Bankruptcy Case to Bidders

Creditors and trading houses are circling Argentine soy giant Vicentin SAIC after judges pushed the bankruptcy case wide open to other bidders, according to people familiar with the matter.

A provincial court this week ruled that the case should move to a so-called cramdown, after a takeover plan led by crops trader Bunge Global SA was rejected earlier this year. Under the cramdown, proposals can be lodged to restructure Vicentin’s $1.3 billion of unsecured debt and take ownership of the company, with a view to rekindling vast export operations.

The latest development may signal the long-running saga for control of ...